Am I responsible for repaying a debt if I did not agree to it in the first place?

Question Details:

A payday loan company deposited $250 into my overdrawn bank account in 2009. I didn't agree to the terms of the loan (never signed the paperwork finalizing it or spoke with the rep prior to the deposit authorizing it). Because the account was overdrawn I couldn't return the funds and this company began deducting $75 every 2 weeks. I spoke to my father and we attempted numerous times to make arrangements with the company to pay this just to get rid of it and they refused. They turned me over to collections for $505.47. Do I really owe this as I never agreed to the contract?

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